Kadan Nigeria Limited, a manufacturing company based in Ikeja, Lagos State, produces and sells a single standardized cleaning product named "CleanMax". The company operates a standard costing system. The standard cost card for one unit of CleanMax is as follows: Direct Material A (4 kg @ ₦500 per kg): ₦2,000 Direct Material B (2 litres @ ₦800 per litre): ₦1,600 Direct Labour (3 hours @ ₦600 per hour): ₦1,800 Variable Overheads (3 hours @ ₦200 per direct labour hour): ₦600 Fixed Overheads (3 hours @ ₦400 per direct labour hour): ₦1,200 Total Standard Cost per unit: ₦7,200 The budgeted production for the month of October 2023 was 5,000 units. During October 2023, actual production and expenditure details were recorded as follows: 1. Production completed: 4,800 units. 2. Direct Material A purchased and used: 20,000 kg at total cost of ₦9,600,000. 3. Direct Material B purchased and used: 9,000 litres at total cost of ₦7,650,000. 4. Direct Labour paid: 15,000 hours costing ₦8,700,000. Out of the 15,000 hours paid, 600 hours were recorded as idle time due to machine breakdown, while the balance was productive hours worked. 5. Variable Overheads incurred: ₦3,024,000. 6. Fixed Overheads incurred: ₦5,800,000. Required: (a) Calculate the following variances for October 2023: (i) Direct Material Price and Usage Variances for Material A and Material B. (6 marks) (ii) Direct Labour Rate, Labour Efficiency, and Idle Time Variances. (5 marks) (iii) Variable Overhead Expenditure and Efficiency Variances. (3 marks) (iv) Fixed Overhead Expenditure and Volume Variances. (3 marks) (b) Prepare a Cost Reconciliation Statement reconciling the Standard Cost of Actual Production to the Actual Cost incurred for October 2023. (5 marks) (c) State TWO possible reasons for each of the following: (i) Direct Labour Idle Time Variance (ii) Direct Material A Price Variance. (3 marks) (Total: 25 Marks)